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Macquarie Scraps Forecast for Trading Unit as Shares Tumble

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Macquarie Group Ltd. scrapped its profit growth forecast for the fixed income, currency and commodities division, sending its shares near the lowest close in almost two years.

Earnings in the 12 months to March 31 at the unit, which accounted for 70 percent of trading income at Australia’s biggest investment bank last year, will be “broadly in line” with the previous fiscal year, Sydney-based Macquarie said today, cutting its April prediction that profit will rise. Total profit at the bank is still expected to improve as long as markets don’t worsen, it said.